You’ve spent months chasing down a company that owes you money. Now you hear the dreaded news: Your non-paying customer is filing for bankruptcy. After the time, money, and resources you’ve invested in this customer, you are likely wondering about your options. Some businesses might write off the … [Read more...]
Your Commercial Debtor Just Went Bankrupt — Can You Still Get The Money You’re Owed?
Business Debt Collection Laws and their Connection to Commercial Debt
Running a business involves the provision of goods or services in exchange for payment. In a perfect world, this exchange should be seamless. However, we are not in a perfect world, and sometimes clients may fall back on their payments. Unfortunately, this tends to strain your business … [Read more...]
A Guide to Sending and Receiving Debt Collection Letters
Poor financial practices are among the leading reasons approximately 82% of businesses fail within the first five years. A company may have adequate capital, good sales volumes, and profit margins, but if most of its sales are on credit, it can be set up to fail. If your business is dealing with … [Read more...]
The Importance of Collection Agencies for Small Businesses Affected by Default Accounts
The settlement of debts acquired by either another company or an individual is one of the most common challenges that businesses experience. Collecting debts is time-consuming, especially if the debtor refuses to cooperate. Due to the frustration they encounter when collecting debts, they may resort … [Read more...]
Uncollectible and Bad Debts – A Detailed Overview
The sale of goods on credit plays an important role in the effective functioning as well as the long-term financial health of any business enterprise. Typically, credit sales form a significant chunk of a company's total turnover as compared to cash sales. Through credit facilities, a company can … [Read more...]
